Burney Co. Reduces Stock Holdings in Astrazeneca Plc $AZN

Key Points

• Burney Co. cut its AstraZeneca stake sharply in the first quarter, reducing holdings by 69.3% and selling 10,078 shares. It ended the period with 4,458 shares valued at about $879,000.
• AstraZeneca’s stock fell 5.7% amid negative sentiment after its partner Ionis said Wainua failed a late-stage trial endpoint for a rare heart condition. The miss raised concerns about the drug’s commercial prospects and investor confidence in the pipeline.
• Analysts remain mostly constructive despite the setback, with 14 Buy ratings versus one Sell and a consensus “Moderate Buy” rating. AstraZeneca also recently beat quarterly EPS and revenue estimates, though that positive performance was overshadowed by the trial disappointment.

Burney Co. lowered its stake in shares of Astrazeneca Plc (NYSE:AZN - Free Report) by 69.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,458 shares of the company's stock after selling 10,078 shares during the quarter. Burney Co.'s holdings in Astrazeneca were worth $879,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of AZN. Bank of America Corp DE lifted its stake in Astrazeneca by 4.7% in the third quarter. Bank of America Corp DE now owns 32,633,139 shares of the company's stock valued at $2,503,614,000 after buying an additional 1,461,786 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of Astrazeneca by 2.1% during the fourth quarter. Fisher Asset Management LLC now owns 21,601,433 shares of the company's stock worth $3,791,051,000 after acquiring an additional 438,709 shares during the last quarter. Franklin Resources Inc. increased its holdings in shares of Astrazeneca by 2.3% in the 4th quarter. Franklin Resources Inc. now owns 20,157,744 shares of the company's stock valued at $3,537,684,000 after acquiring an additional 445,014 shares during the period. Morgan Stanley raised its position in Astrazeneca by 3.2% in the 4th quarter. Morgan Stanley now owns 13,878,726 shares of the company's stock valued at $2,435,716,000 after purchasing an additional 432,939 shares during the last quarter. Finally, Citigroup Inc. raised its position in Astrazeneca by 65.3% in the 4th quarter. Citigroup Inc. now owns 6,154,760 shares of the company's stock valued at $1,080,160,000 after purchasing an additional 2,431,890 shares during the last quarter. Hedge funds and other institutional investors own 20.35% of the company's stock.

Astrazeneca News Summary

Here are the key news stories impacting Astrazeneca this week:

• Negative Sentiment: AstraZeneca and partner Ionis said Wainua failed to meet its main goal in a late-stage trial for a rare heart condition, a disappointing result that raised concerns about the drug’s commercial potential and the strength of the company’s pipeline. Reuters article
• Negative Sentiment: Several reports said the trial miss sparked a sharp selloff in AZN shares, with investors reacting not just to the direct revenue impact but also to the hit to management credibility and confidence in late-stage development execution. Proactive Investors article
• Negative Sentiment: Market coverage highlighted that AstraZeneca’s shares were among the biggest laggards in the FTSE 100 and that the stock’s decline was tied to the surprise of missing the primary endpoint in a closely watched heart-disease study. CNBC article
• Neutral Sentiment: AstraZeneca also received a Buy rating from Bernstein, which may help offset some sentiment damage, but the upgrade was overwhelmed by the trial disappointment. Bernstein note
• Neutral Sentiment: Separately, AstraZeneca recently advanced a respiratory-drug licensing deal with Sino Biopharm, showing continued pipeline activity, but this news was not enough to offset today’s pressure from Wainua. WSJ article

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Barclays reissued a "buy" rating on shares of Astrazeneca in a research report on Monday, June 1st. TD Cowen reaffirmed a "buy" rating on shares of Astrazeneca in a report on Wednesday, March 18th. UBS Group reissued a "buy" rating on shares of Astrazeneca in a report on Friday, April 10th. DZ Bank raised Astrazeneca from a "neutral" rating to a "buy" rating in a research report on Wednesday, April 29th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "sell" rating on shares of Astrazeneca in a research note on Tuesday, June 30th. Fourteen analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Astrazeneca currently has a consensus rating of "Moderate Buy" and a consensus price target of $211.00.

Astrazeneca Stock Down 5.7%

AZN opened at $178.46 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.91 and a quick ratio of 0.71. Astrazeneca Plc has a 12 month low of $137.23 and a 12 month high of $212.71. The stock has a market capitalization of $276.77 billion, a P/E ratio of 26.80, a P/E/G ratio of 1.53 and a beta of 0.24. The business has a 50 day simple moving average of $183.99 and a 200-day simple moving average of $188.61.

Astrazeneca (NYSE:AZN - Get Free Report) last released its earnings results on Wednesday, April 29th. The company reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.52 by $0.06. The company had revenue of $15.29 billion during the quarter, compared to the consensus estimate of $14.93 billion. Astrazeneca had a return on equity of 30.86% and a net margin of 17.19%. On average, equities analysts anticipate that Astrazeneca Plc will post 10.28 earnings per share for the current fiscal year.

Astrazeneca Profile

AstraZeneca plc is a global biopharmaceutical company headquartered in Cambridge, England. Formed through the 1999 merger of Sweden’s Astra AB and the UK’s Zeneca Group, the company researches, develops, manufactures and commercializes prescription medicines across a range of therapeutic areas. AstraZeneca positions itself as R&D-driven, investing in discovery science, clinical development and regulatory processes to bring new therapies to market.

The company’s commercial portfolio and late-stage pipeline emphasize oncology, cardiovascular, renal and metabolic (CVRM) diseases, and respiratory and immunology.

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